Assignment 1 The Role of Accounting on Busi

Describe the purpose of each financial statement. Determine which one (1) is the most effective in communicating the financial health of an organization. Defend your position.

2. Compare the major functions of an accountant to that of a certified public accountant. Make an 

argument for and against the importance of accounting and accountants in our society from a 

U.S. or global perspective.

3. Imagine that you have decided to create your own business venture. Determine whether the 

company will be a service or merchandising company. Describe the differences between the 

charts of accounts for both companies.

4. Based on the company that you selected in 3, make an argument for automating the accounting 

process, and implement at least three (3) types of internal controls to prevent or detect theft or 

fraud.